Philadelphia-based Phenom, a recruitment platform that leverages AI to help companies attract new talents, has raised $100M (approx €84.11M) in its Series D round of funding. The round was led by B Capital Group, with participation from Dragoneer Investment Group, OMERS Growth Equity, and GoldenArc Capital. This round values the company at $1.3B (approx €1.09B), reports Bloomberg.
Sierra Ventures, AXA Venture Partners, WestBridge Capital, AllianceBernstein, Karlani Capital, Omidyar Technology Ventures, and Sigma Prime Ventures joined previous funding rounds and continue to support Phenom’s purpose today.
Funds to help people find the right job
In an exclusive interview with Silicon Canals, Mahe Bayireddi, CEO & co-founder of Phenom, says, “We are a global company, and the funding will enable us to continue growing in Europe and around the world. We will also continue to innovate our Talent Experience Management (TXM) platform for organisations adopting AI holistically in a post-COVID era.”
Founded in 2010 by Brad Goldoor, Hari Bayireddy, and Mahe Bayireddi, Phenom is an HR-tech company with expertise in building AI-powered, scalable solutions, Phenom Talent Experience Management (TXM).
According to the company, its TXM personalises and automates the talent journey for candidates, recruiters, employees, and management with its Career Site, Chatbot, CRM, CMS, SMS and Email Campaigns, University Recruiting, Internal Mobility, Career Pathing, Diversity & Inclusion, Talent Marketplace, Gigs, Referrals, Hiring Manager and Analytics.
As a result, employers improve their talent acquisition and talent management efforts by helping candidates and employees find the right job, recruiters identify and engage the right talent, and management optimises HR strategy, process, and spend.
Mahe Bayireddi explains, “Since the beginning, we have rooted our platform in intelligence versus simply adding AI as a single tool or feature. This makes our AI dramatically different and helps us cultivate a healthy talent ecosystem. Jobs are the foundation of thriving societies around the world. They provide livelihoods and help people reach their full potential. As organisations respond to a seismic shift in how they approach and manage talent, Phenom is scaling with conviction, so everyone has the resources to succeed in times of both volatility and stability.”
Phenom’s system of intelligence exists at the core of TXM, built on a vast network of data, contextual industry models, and deep learning. Its intelligence is based on over 25 billion interactions per year – as well as 1 billion-plus candidate profiles across 180 countries; 400 million jobs; 154 million job titles; and, 27 million skills in multiple languages.
According to the company, in 2020, Phenom was adopted by 25,000 recruiters, talent marketers, and hiring managers – helping them hire over 2 million people and engage over 3 million employees.
Talking about the company’s expansion plans for Europe, Bayireddi tells SC, “We established our European headquarters in the Netherlands, and we plan to continue adding customers and employees in Europe. Also, we recently acquired Endouble, an Amsterdam-based company known for enhancing the candidate experience across Europe, and Talentcube – a Munch-based experience-driven video technology company. We will also remain active in M&A, strategically evaluating all opportunities to grow the company.”
Besides its headquarters in Greater Philadelphia, the company also has offices in the Netherlands, India, Israel, Germany, and the UK.
When asked about where the company’s base is in the Netherlands, Mahe Bayireddi replies, “The Netherlands’ ease of doing business, deep talent pool, and premium accessibility to the rest of the continent led us to set up our European HQ in Rotterdam. The Dutch are known innovators and part of an eclectic culture that aligns well with Phenom’s.”
In just the last four years, the company has added several major European customers and increased employee headcount from zero to 70. “We’re planning to keep up that momentum, and right now, we’re hiring for 16 positions in Europe for roles in customer success, sales, account management, and IT,” says Bayireddi
It has over 400 global enterprises – including nearly 50 Fortune 500 companies – as clients. Some of its noteworthy clients include Southwest Airlines, Newell Brands, Land O’Lakes, AXA, and Radian Group Inc.
Talking about Phenom’s European customers, Bayireddi says,” We have over 50 customers throughout the UK/Ireland, France, DACH, Nordics, and Benelux regions, and that number continues to grow.”
Some of its prominent European customers include DHL, Kuehne+Nagel, AXA, Quadient, Resource Solutions, Microfocus, and Global.